Trade Idea: ASX 200 – Hitting Major Resistance {ATH’s} | Jul 25

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Chris Capre’s current live open price action and ichimoku trades: USDMXN, VIX, CAMP, EA

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ASX 200 – Yep, It’s At the All Time Highs. Time to Sell? (monthly chart)

Price Action Context

I had to zoom out to the monthly chart to show you where the ASX 200 is parked at. It’s about 120 pts shy of the ATH’s, and I’m guessing some longs will take profit, along with finding some sellers here.

Trending Analysis

ST the index is clearly in a bull trend as its gained for 6 months straight, and if July bodes well, a 7th. MT is also a bull trend and considering the overall structure of higher lows since 08′, the long term trend is also bullish.

Key Support and Resistance Levels

R: 6721, 6898

S: 6331, 5457

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